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Billionaire Elon Musk’s Company Remains the Big Name in the Global Electric Car Market. However, the Trend Is for This Advantage to Decrease in the Coming Years
Recent data released by Kelley Blue Book, a vehicle valuation and automotive research company, showed that the electric car market still has one owner: Tesla. The materials indicate that the billionaire Elon Musk‘s company was responsible for 75% of electric car sales in the first quarter of 2022.
Tesla remains the big name in the electric vehicle sector in the United States, the world’s primary market. In 2020, Elon Musk’s company accounted for 79% of the vehicles sold. In 2021, the numbers fell to 69% due to a shortage of essential components for car manufacturing. However, the quarterly figures show a recovery in the sales of the company.
In the United States, Tesla managed to deliver 310,048 electric cars in the first three months of the year. In addition, the company has three of the ten best-selling electric vehicles. Currently, the Model Y and Model 3 are the most sold electric vehicles. Furthermore, the gap between second and third place is significant. While Tesla sold 43,707 Model 3s in the quarter, Ford only sold 6,734 Mustang Mach-E.
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- Tesla Model Y
- Tesla Model 3
- Ford Mustang Mach-E
- Tesla Model X
- Hyundai Ioniq 5
- Kia EV6
- Tesla Model S
- Nissan Leaf
- Kia Niro
- Audi e-Tron
Tesla’s results would be even better if the company had not suffered the consequences of the Giga Shanghai factory closure at the end of the quarter due to a Covid-19 outbreak. Tesla is working to dramatically increase its electric vehicle production. This year, the company expects to produce around 1.5 million vehicles. For next year, the official launch of the highly anticipated Cybertruck, Semi, and Roadster is expected.
Other Companies Seek to Threaten Tesla’s Hegemony
If Tesla was once the big player in the sector, other major companies are now investing billions to challenge the company’s hegemony. Recently, Ford highlighted that its goal is to surpass Tesla in sales numbers in the coming years.
The increase in competition is evidenced by the numbers. In 2021, Americans bought only 18 different electric car models, but that number jumped to 32 different models in the quarter.
Even with the growth, electric vehicles represent only a small slice of the global vehicle market. Today, only 5% of the vehicles sold worldwide are powered by electricity. However, as countries are seeking to reduce carbon emissions, this number is expected to rise in the coming years.
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